It is quite a surprise to see September sales shoot up to 43 homes sold after four summer months of 25 to 28 sales per month. The median sale price fell 6% in September but the price per square foot is virtually unchanged. When all is said and done about prices, watch the price per square foot closest as the best measure of value.
We’d like to focus on the Arrowhead Woods tables below for a year to date 2013 and 2014noting that 76% of our sales are under $500,000 at an average $167 per square foot, up 11% over the first nine months of 2013. While the average square foot price for mid-range homes ($500,000 – $1 million) fell to $177 per square foot, year to date, sales in the mid-range bracket are increasing for the first time in years. Home sales over $1 million continue to lag but the surge of 5 high end sales in the last month is encouraging.
Looking into 2015, Economists at the California Association of Realtors are forecasting an overall improvement stating “We feel California resale homes are moving toward the historical growth rate of 3.5% per year. In Southern California, the median price of single family homes increased 7.9% on a year over year basis and sales fell by 13.6% from a year ago”.
By comparison, Lake Arrowhead is not far off the pace.
CAR FORECAST for 2015. Note the 3.5% price gain, $448k to $464k.